{"id":119770,"date":"2023-12-21t11:59:21","date_gmt":"2023-12-21t16:59:21","guid":{"rendered":"\/\/www.g005e.com\/?p=119770"},"modified":"2024-08-29t23:54:14","modified_gmt":"2024-08-30t03:54:14","slug":"five-keys-in-compensating-new-managing-partners","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/12\/21\/five-keys-in-compensating-new-managing-partners\/","title":{"rendered":"five keys in compensating new managing partners"},"content":{"rendered":"

\"man<\/strong><\/p>\n

plus five things the other partners should expect from their leader.<\/strong><\/p>\n

by marc rosenberg<\/i>
\nthe rosenberg practice management library<\/i><\/a><\/p>\n

baby boomer partners are rapidly approaching retirement age, creating a huge demographic shift. one result of this is a dramatic increase in new managing partners at firms.<\/p>\n

many firms are skipping a generation and turning the reins over to \u201cyounger\u201d partners. firms are also asking their new managing partners to divest themselves of a significant part of their client base to enable them to focus more on managing the firm.<\/p>\n

how should the new managing partner be compensated?<\/strong><\/p>\n

    \n
  1. consider a fixed term for his\/her first term. this provides time to decide if it\u2019s a good fit. we see these terms range from two to five years because it takes that long to fully adjust to the job, tackle major initiatives and develop a style that is compatible with the partner group.<\/li>\n
  2. giving up clients is a major risk for the new managing partner. he\/she should receive two types of compensation guarantees:<\/li>\n<\/ol>\n